Issue: Volume 2 Issue 9

It has been a rollercoaster year for the Sukuk market, with a number of high-profile challenges hitting the market that have perhaps hindered its hitherto smooth upwards trajectory. The Dana Gas controversy has caused inevitable concern among Sukuk investors, while the rift

For corporates keen to raise capital in the public domain, a credit guarantee can be a valuable stepping stone – allowing them to obtain better rates at lower risk, and offering new entrants a tried and tested route to market. In 2009,

The private sector is stepping up when it comes to syndicated loans, as sovereigns retreat from the financing market – meaning that bankers are focusing their efforts on corporate clients, and the fourth quarter (Q4) is a great time to start looking

Everyone knows that Islamic principles require the avoidance of interest. But for most corporates, company credit cards are vital cogs in the operational wheel – and surely the whole concept of credit cards is founded on the assumption of interest repayments? In

On the 24th September, the UAE’s Securities and Commodities Authority (SCA) launched a new strategy for Islamic capital market development, clarifying both the supervisory role played by SCA (legislation and powers) and the role played by self-regulatory organizations (SROs, or the financial

The Securities and Exchange Commission of Pakistan (SECP) took a step forward in the development of the country’s Islamic capital and debt market in September by making a raft of changes to the Sukuk regulations to encourage and support private placement. The

In September this year, Bank Negara Malaysia, the central bank, issued draft regulations for the Net Stable Fund Ratio (NFSR) standard, requiring all licensed banks (including Islamic banks) to maintain a stable funding profile in relation to the composition of their assets

For conventional bonds, issuers who default or delay payments are usually penalized by an update in the interest rate, which is usually linked to their credit rating. But for Sukuk, where interest is forbidden, the question of restructuring can be a little

One of Malaysia’s biggest property developers, SP Setia, in September issued a simple and straightforward Sukuk transaction to raise funds for the purchase of land on the island of Penang, in a deal which demonstrates the simplicity and ease of raising Islamic

Solar energy company Tadau Energy made history earlier this year with the issuance in July of the world’s first-ever ‘green’ Sukuk, under Malaysia’s SRI Sukuk framework launched in 2014 to encourage socially responsible investment through the application of tax incentives. The Sustainable

As economic conditions improve and Sukuk volumes creep back up, more and more corporates are once again applying for ratings as a first step toward potential capital markets issuance. This month we speak to MICHAEL DUNNING, the managing director and head of

CORPORATE DAE TO ISSUE SUKUK Dubai Aerospace Enterprise (DAE) is planning to issue Sukuk by June 2018, according to CEO Firoz Tarapore. Although the size of the facility was not specified, Firoz said that the company intends to be a repeat, benchmark